The Nigerian National Petroleum Company Limited NNPCL has secured a loan of $3 Billion Emergency Loan to support the Naira.
IgbereTV reports that the Naira has been tumbling losing almost 50% of it’s value since the Inauguration of the President Bola Tinubu’s administration.
The Naira crashed to as low as N960 to a Dollar last week before recovering marginally to N900 today.
A statement by NNPCL Wednesday evening indicates that the emergency facility from AFREXIM Bank was signed in Cairo Egypt
The statement reads
“The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”
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